Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

We initiate coverage of ILM with a BUY rating, based on a target price of Bt22.0, which is derived from 15xPE’21E, close to its average trading range since its IPO in 2019 and at a 40% discount to the Asia ex-japan Consumer Discretionary Sector.
The story:
<ul>
<li>Enjoys strong market position in Thailand</li>
<li>Margin expansion in the next two years</li>
<li>Younique brand will drive S-curve growth</li>
<li>Online platform has good growth potential</li>
</ul>
<div>
 
</div>
Risks:
<ul>
<li>Highly competitive industry</li>
<li>Foreign exchange rate fluctuation</li>
</ul>
Background: Index Living Mall Public Company Limited (ILM) engages in the retail and wholesale of furniture, electronic and home decorative products in Thailand with 31 stand-alone stores nationwide. The company operates in four segments: furniture retail, furniture manufacturing, area rentals, and others. The company is also involved in the import, export and distribution of furniture and home appliances; and building and warehouse rental activities, as well as in the franchise business. In addition, it operates rental and retail space services in Index Living Malls and community malls under The Walk, Little Walk, and Index Mall brands.

We initiate coverage of ILM with a BUY rating, based on a target price of Bt22.0, which is derived from 15xPE’21E, close to its average trading range since its IPO in 2019 and at a 40% discount to the Asia ex-japan Consumer Discretionary Sector.
The story:

Enjoys strong market position in Thailand
Margin expansion in the next two years
Younique brand will drive S-curve growth
Online platform has good growth potential


 

Risks:

Highly competitive industry
Foreign exchange rate fluctuation

Background: Index Living Mall Public Company Limited (ILM) engages in the retail and wholesale of furniture, electronic and home decorative products in Thailand with 31 stand-alone stores nationwide. The company operates in four segments: furniture retail, furniture manufacturing, area rentals, and others. The company is also involved in the import, export and distribution of furniture and home appliances; and building and warehouse rental activities, as well as in the franchise business. In addition, it operates rental and retail space services in Index Living Malls and community malls under The Walk, Little Walk, and Index Mall brands. 

ILM: King of Home Furnishing Retailers in Thailand

Thailand

Modernform Group Public Company Limited manufactures and distributes office and home furniture and fixtures. Its office furniture products are marketed under Moflex brand name, and home and kitchen products under Klasse and Kitchen brand names. The Company also operates property rental business through its subsidiaries.

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Modernform Group Pub (MODERN TB)

ILM: King of Home Furnishing Retailers in Thailand

We initiate coverage of ILM with a BUY rating, based on a target price of Bt22.0, which is derived from 15xPE’21E, close to its average trading...

Pi Securities PCL, Thailand

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52-week Range

Market Cap (USDm)

P/E

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